Economy

S. Korea expands corporate-bond buying program


© Stocksak. FILE PHOTO – South Korea’s Deputy Prime Minister and Minister Economy and Finance Choo Kyung ho attends G20 Finance Ministers Meeting in Nusa Dua (on the Indonesia resort island Bali) on July 15, 2022. Sonny Tumbelaka/Pool via REUTERS

SEOUL (Stocksak), South Korea’s Finance Minister Choo Kyungho announced on Sunday that the ceiling for corporate bond-buying facilities will be raised to 16 trillion won ($11 Billion) from the current 8 billion won.

After meeting with top financial officials including the Bank of Korea governor, and chief of the financial regulatory agency, Choo stated that the measure was intended to ease concerns about a liquidity crunch on corporate bond and short-term markets.

He stated that commercial paper issued from securities firms will be included on the facility’s purchasing list. Korea Securities Finance Corporation will also supply liquidity for securities firms in temporary liquidity shortfalls, with an additional 3 trillion won.

($1 = 1,428.3200 won)

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